1 Answer
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Yes, the level of light that you are currently standing in affects how easily you are spotted while sneaking. See the wiki entry on sneaking for more information.

As for how much it affects you, it only comes into play for visual identification, so you can sneak up on someone in pure daylight if you are approaching silently from behind, but they'll be able to spot you from much further away if they are looking at you.

How about the light cast from carring a torch? Does that light affect sneak? I haven't noticed that it does.
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M. Travis VolkerJan 13 '12 at 9:06

@M.TravisVolker if you are holding the torch, you are definately more visible than not. As for whether or not a torch on the wall can do the same, I believe it can, but I have not tested it in depth since I try to avoid them or put them out whenever possible.
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z 'Jan 13 '12 at 12:10

How about the Candlelight Spell. That one seems to have no affect on my sneak.
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M. Travis VolkerJan 24 '12 at 19:56